Cushman & Wakefield inks sale of New Jersey office building
MANALAPAN, NJ — Cushman & Wakefield has completed the sale of Justin Corporate Center I, a two-story, 40,000 s/f office building in Manalapan, Monmouth County. The firm’s East Rutherford, NJ-based Metropolitan Area Capital Markets Group (CMG) team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Ryan Larkin represented seller KABR Group, and procured the buyer, the Torsiello Organization.“This property was on the market for a short amount of time and attracted a considerable amount of interest,” said Schwartz. “We conducted numerous tours, with several bidders demonstrating their interest in this opportunity.”
Located at 198 Rte. 9 North, Justin Corporate Center I was originally constructed in 1985. The property recently underwent significant improvements to its lobby and other public areas, parking lot, HVAC system, and the addition of a conference room. It was 94% occupied at the time of sale with a total of 12 professional tenants in the financial services, healthcare and publishing fields.
“Justin Corporate Center serves as a terrific example of how KABR adds value to assets that others overlook,” said Michael Goldstein, managing director – finance and acquisitions at the KABR Group. “The sale of the second Justin building now brings full circle to our story with this asset.”
“The building’s visibility and accessibility on busy Rte. 9, and the fact that it is a well-leased, stabilized property all contributed to the amount of interest in this opportunity,” said Schwartz. “From the Torsiello Organization’s perspective, this acquisition made a great deal of sense because it is a high-quality, well-maintained asset, and from a geographical standpoint, it fits well in their portfolio. It has proximity to their Edison, NJ headquarters – from which the firm manages and operates a portfolio of nearly one million square feet of space.”